- But choice architecture’s actual point is to help consumers more easily get to the choice that best serves them .
- So now let’s take a moment to look at how understanding behavioral economics can be essential in helping entrepreneurs become better business leaders-and March Madness pickers.
- The good news for entrepreneurs-and bracket pickers-is that data science and well-structured teams can help us “think slower” and ameliorate such cognitive biases.
- Market data provided by Interactive Data .
- In one experiment conducted at a racetrack, gamblers were asked how confident they were in their bets either immediately before or after placing their bets; those polled afterward were significantly more confident in their choice than those asked beforehand.
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@andi_staub: “#BigData? #IoT? #AI?
How #BehavioralEconomics Helps Entrepreneurs
#fintech #startup #biases”
Behavioral economics explains a lot of the biases that distort the choices made by entrepreneurs and March Madness bracket pickers.
How Behavioral Economics Helps Entrepreneurs—and March Madness Pickers